Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
A leading telecommunications retail partner for large companies is going public with plans to bring the experience to customer's homes.
The SPAC Deal: Enjoy Technology is merging with Marquee Raine Acquisition Corp (NASDAQ:MRAC) in a deal valuing the company at $1.2 billion.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The deal will provide Enjoy with around $450 million in growth capital.
Current Marquee Raine Acquisition shareholders will own 23% of the company if the merger is approved.
About Enjoy: With strong exclusive relationships with leading consumer brands, Enjoy is a partner for retail efforts.
The company’s partners include AT&T (NYSE:T) in the U.S., BT Group in the U.K., Rogers Communications (NYSE:RCI) in Canada and Apple Inc (NASDAQ:AAPL) in select U.S. cities. The relationships are mentioned as being multiyear deals by the company.
“Enjoy’s mobile stores enable consumer brands to deepen engagement with their customers and provide customers with a convenient, full service experience that e-commerce cannot deliver,” the company said.
Enjoy is led by founder Ron Johnson , who previously led Apple’s retail stores and also held roles with JCPenney and Target Corp (NYSE:TGT).
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
“Mr. Johnson’s track record of seeing around corners in retail includes the development of Apple’s retail stores and the transformation of Target into a retailer that made great design affordable.”
The company had 463 stores in fiscal 2020, representing 50% coverage of the U.S. population.
Related Link: Target To Open Apple Min Shops In Its Stores
Growth Ahead: Enjoy is seeking to reinvent commerce at home, using its first-mover advantage in a large addressable market to transform the commerce-at-home market.
The at-home experience is powered by proprietary technology that includes real-time inventory management tools.
Growth is also expected to come from new customers, new products and new partners. New categories mentioned in the presentation include personal luxury goods, high fashion, beauty, fitness and automotive.
One area for growth is international expansion. The company plans to add stores in Germany, France, Japan, Spain, Italy and Australia.
Financials: Enjoy had compounded annual revenue growth of 100% from 2018 to 2020. Fiscal 2020 revenue was $60 million.
The company expects to have 78% compounded annual growth from 2020 to 2025. Revenue is expected to hit $1 billion and a 30% adjusted EBITDA margin in fiscal 2025.
Price Action: Shares of Marquee Raine Acquisition Corp. closed at $9.89 Wednesday, down slightly for the trading day.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.